MIRA INFORM REPORT
|
Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAG MILK FOODS PRIVATE LIMITED [w.e.f. 11.04.2008] |
|
|
|
|
Formerly Known
As : |
PARAG MILK AND MILK PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial
Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.12.1992 |
|
|
|
|
Com. Reg. No.: |
11-070209 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.158.103
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15204MH1992PTC070209 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP02591B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP0425G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Milk Products such as Ghee,
Butter, Cheese and Milk Powder. |
|
|
|
|
No. of Employees
: |
850 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2485000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory a track record.
The financials of 2012 are not available. Trade relations are reported as
fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ [Long Term] |
|
Rating Explanation |
High risk of default |
|
Date |
13.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Ajit Marathe |
|
Designation : |
Accountant |
|
Contact No.: |
91-2133-224761 |
|
Date : |
05.09.2013 |
LOCATIONS
|
Registered Office : |
Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial
Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra, India |
|
Tel. No.: |
91-20-25674762/ 25674761 |
|
Mobile No.: |
91-9890700668 (Mr. Ajit Marathe) |
|
Fax No.: |
91-20-25674763/ 25674761 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office/ Factory 1 : |
Awasari Phata, Manchar, District Pune – 410 503, |
|
Tel. No.: |
91-21-33224763 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Village
Samudrapalle, and Panchayat Palmner Handal, |
|
Location : |
Owned |
|
|
|
|
Marketing Office: |
8th Floor, 81-A Wing, Mittal Court, Nariman Point, Mumbai –
400 021, Maharashtra, India |
|
Tel. No.: |
91-22-22844763 / 43005555 / 43005553 |
|
|
|
|
Eastern Regional Office: |
P-12, Kalindi Housing Estate, Ground Floor, Kolkata – 700 089, West |
|
Tel. No.: |
91-33-25223090/ 25223092 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Devendra Prakash Shah |
|
Designation : |
Chairman |
|
Address : |
A-602, Kumar Puram Mukund Nagar, Pune – 411 037, |
|
Date of Birth/Age : |
27.04.1964 |
|
Qualification : |
B.Com |
|
Experience : |
16 Years |
|
Date of Appointment : |
29.12.1992 |
|
Din No.: |
01127319 |
|
|
|
|
Name : |
Mr. Pritam Prakash Shah |
|
Designation : |
Managing Director |
|
Address : |
A-602, Kumar Puram Mukund Nagar, Pune – 411 037, |
|
Date of Birth/Age : |
01.11.1970 |
|
Qualification : |
B.Com |
|
Experience : |
16 Years |
|
Date of Appointment : |
06.02.2009 |
|
Din No.: |
01127247 |
|
|
|
|
Name : |
Mr. Parag Prakash Shah |
|
Designation : |
Director |
|
Address : |
A-602, Kumar Puram Mukund Nagar, Pune – 411 037, |
|
Date of Birth/Age : |
22.06.1967 |
|
Date of Appointment : |
29.12.1992 |
|
Din No.: |
01127099 |
|
|
|
|
Name : |
Mr. Dhaval Sumantrai Desai |
|
Designation : |
Director |
|
Address : |
405, Gayatri Opposite Pratap Society, |
|
Date of Birth/Age : |
14.09.1956 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
15.01.2008 |
|
Din No.: |
00510044 |
|
|
|
|
Name : |
Mr. Sunil Badriprasad Goyal |
|
Designation : |
Director |
|
Address : |
731/ A, 7th Floor, Akshay Girikunj – III, |
|
Date of Birth/Age : |
04.10.1967 |
|
Date of Appointment : |
15.01.2008 |
|
Din No.: |
00503570 |
|
|
|
|
Name : |
Mr. Rakesh Ram Gopal Sony |
|
Designation : |
Director |
|
Address : |
Lotus Court, Flat No.10, |
|
Date of Birth/Age : |
02.01.1976 |
|
Date of Appointment : |
06.02.2009 |
|
Din No.: |
00363053 |
|
|
|
|
Name : |
Mr. Bharatkumar Mahendrabhai Vyas |
|
Designation : |
Director |
|
Address : |
A-1, Kaira Can Complex, Near Chikhorda Railway Crossing, Anand-388001,
Gujarat, India |
|
Date of Appointment : |
22.07.2010 |
|
Din No.: |
00043804 |
KEY EXECUTIVES
|
Name : |
Mr. Dharmendra Vyas |
|
Designation : |
Secretary |
|
Date of Birth/Age : |
20.11.1983 |
|
Date of Appointment : |
13.11.2011 |
|
Pan No.: |
AEMPV2653N |
|
|
|
|
Name : |
Mr. Ajit Marathe |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Parag Prakash Shah |
|
1631096 |
|
Pritam Prakash Shah |
|
3053296 |
|
Devendra Prakash Shah |
|
4856944 |
|
Prakash Babulal Shah |
|
2239112 |
|
Priti Devendra Shah |
|
496940 |
|
Rajni Prakash Shah |
|
192004 |
|
Netra Pritam Shah |
|
1177480 |
|
Purva Constructions and Engineering Private Limited, |
|
1000000 |
|
India Business Excel Lence Fund I, |
|
40 |
|
IL and FS Trust Company Limited, |
|
40 |
|
Suneeta agarwal |
|
40 |
|
Vimla Oswal |
|
40 |
|
Pratik Oswal |
|
40 |
|
Anmol Insurance Consultants Private Limited, |
|
40000 |
|
IRIS Business Solutions Private Limited, |
|
900000 |
|
Ladderup Finance Limited, |
|
200000 |
|
Richa Gupta |
|
3200 |
|
Chetan Narayan Pasari |
|
6000 |
|
Meet Narayan Pasari |
|
4000 |
|
Parvatidevi Pasari |
|
4000 |
|
Narayan Ramgopal Pasari |
|
4000 |
|
Kanhaiyalal Kabra |
|
2000 |
|
|
|
|
|
TOTAL
|
|
15810272 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
13.54 |
|
Directors
or relatives of directors |
|
86.32 |
|
Other
top fifty shareholders |
|
0.14 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Milk Products such as Ghee, Butter,
Cheese and Milk Powder. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
“GOWARDHAN” |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Machinery |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
LC and Credit |
|
|
|
|
Purchasing : |
LC and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
INSTALLED
CAPACITIES:
|
Particulars |
As
at March 31, 2011* |
|
Pasteurized Milk |
1700000 LPD |
|
Condensed Milk |
105 TPD |
|
Cream/ Ghee/ Cheese |
65 TPD |
|
SMP/ Dairy Whitener/ Gulab Jamun Mix/ Real Milk Powder |
65 TPD |
* As certified by the management and accepted by the auditors.
LPD: Litre per day
TPD: Tonne per day
|
Particulars |
Production/
Purchase 2010-11 Tonnes
|
|
Ghee |
4568.52 |
|
Butter |
2439.60 |
|
Cheese |
3140.07 |
|
Cream |
198.42 |
|
Gulab Jamun Mix |
172.49 |
|
Skim Milk Powder |
9829.63 |
|
Whole Milk Powder |
193.94 |
|
Dahi |
2201.55 |
|
Chass |
4.62 |
|
Butter Oil |
698.40 |
|
Dairy Whitener |
557.50 |
|
Butter Milk Powder |
858.70 |
|
Milk |
* |
* Milk is sold in
both Tonnes and Litres. [43.860 Millions Litres and 7,867.68 Tonnes (Previous
year (39.099 Millions Litres and 10,037.53 Tonnes)]
** This does not include income earned from processing on behalf of
other parties.
GENERAL INFORMATION
|
Customers : |
Retailers |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
850 [Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
SPCM and Associates Chartered Accountants |
|
Address : |
1211/B, Shukarwar Peth, Subhas Nagar, Lane No.4, Pune – 411 002, |
|
Tel. No.: |
91-20-24479119 |
|
Fax No.: |
91-20-24486663 |
|
E-Mail : |
|
|
Income-tax PAN of auditor or auditor's
firm : |
AABFB8864C |
|
|
|
|
Name 2 : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Engineering Centre, 6th Floor, 9, |
|
Tel. No.: |
91-22-66262600 |
|
Fax No.: |
91-22-23671624 |
|
E-Mail : |
|
|
|
|
|
Name 3 : |
Haribhakti and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
Bhagyalaxmi
Dairy Farms Private Limited CIN No.: U01211PN2003PTC018624 |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15810272 |
Equity Shares |
Rs.10/- each |
Rs.158.103
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.103 |
158.103 |
158.103 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
463.174 |
432.350 |
349.578 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
621.277 |
590.453 |
507.681 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2123.662 |
1720.237 |
1385.460 |
|
|
2] Unsecured Loans |
809.295 |
550.886 |
501.003 |
|
|
TOTAL BORROWING |
2932.957 |
2271.123 |
1886.463 |
|
|
DEFERRED TAX LIABILITIES |
92.614 |
56.458 |
19.301 |
|
|
|
|
|
|
|
|
TOTAL |
3646.848 |
2918.034 |
2413.445 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1718.284 |
1438.313 |
420.286 |
|
|
Capital work-in-progress including capital Advances |
410.390 |
346.423 |
945.887 |
|
|
|
|
|
|
|
|
INVESTMENT |
177.698 |
177.698 |
128.578 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1130.229
|
732.268
|
661.862
|
|
|
Sundry Debtors |
823.363
|
551.974
|
375.348
|
|
|
Cash & Bank Balances |
25.249
|
71.412
|
179.142
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.415
|
|
|
Loans & Advances |
206.709
|
161.027
|
118.933
|
|
Total
Current Assets |
2185.550
|
1516.681
|
1335.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
630.572 |
410.619 |
363.696 |
|
|
Other Current Liabilities |
117.180
|
87.956
|
13.390 |
|
|
Provisions |
97.322
|
62.506
|
39.920 |
|
Total
Current Liabilities |
845.074
|
561.081
|
417.006 |
|
|
Net Current Assets |
1340.476
|
955.600
|
918.694
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3646.848 |
2918.034 |
2413.445 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
6284.800 |
4920.200 |
3400.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
5791.800 |
4556.600 |
3134.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
493.000 |
363.600 |
266.000 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
201.700 |
121.500 |
84.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
291.300 |
242.100 |
181.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.000 |
115.200 |
58.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
119.300 |
126.900 |
123.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
88.400 |
44.200 |
40.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
30.900 |
82.700 |
83.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
357.100 |
274.300 |
190.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.100 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
383.900 |
357.100 |
274.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. Basis |
329.644 |
44.536 |
799.681 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods (including Capital Work in progress) |
34.314 |
32.943 |
327.920 |
|
|
|
Stores and Consumables |
25.312 |
16.753 |
6.976 |
|
|
TOTAL IMPORTS |
59.626 |
49.696 |
334.896 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.95 |
1.34 |
2.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.49
|
1.68
|
2.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.05
|
4.29
|
7.05
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.72
|
3.85
|
3.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.58
|
2.70
|
3.20
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10443204 |
12/08/2013 |
250,000,000.00 |
UNION BANK OF INDIA
INDUSTRIAL FINANCE BRANCH |
619,SACHAPIR
STREET, PUNE CANTONMENT, CAMP, PUNE - 411001, |
B82171810 |
|
2 |
10429908 |
15/05/2013 |
130,000,000.00 |
UNION BANK OF
INDIA |
619,SACHAPIR
STREET, PUNE CANTONMENT, CAMP, PUNE - 411001, |
B76640630 |
|
3 |
10377612 |
09/08/2012 |
100,000,000.00 |
UNION BANK OF
INDIA INDUSTRIAL FINANCE BRANCH |
619,SACHAPIR
STREET, PUNE CANTONMENT, CAMP, PUNE - 411001, |
B58501412 |
|
4 |
10342253 |
20/03/2012 |
100,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING,FLOOR 21, WORLD TRADE CENTRE |
B35045012 |
|
5 |
10354822 |
25/08/2011 |
120,000,000.00 |
UNION BANK OF
INDIA |
619,SACHAPIR STREET,
PUNE CANTONMENT, CAMP, PUNE - 411001, |
B28195378 |
|
6 |
10354826 |
28/05/2013 * |
590,000,000.00 |
STATE BANK OF
INDIA INDUSTRIAL FINANCE BRANCH |
TARA CHAMBERS,
2ND FLOOR, NEAR MARIAAI POLICE CHOWKY, |
B77454544 |
|
7 |
10249487 |
01/11/2010 |
28,257,535.00 |
ELECTRONICA
FINANCE LIMITED |
128/A, PLOT
NO.3,KAILASHCHANDRA APARTMENTS, PAU |
A98579113 |
|
8 |
10176312 |
24/12/2009 * |
100,000,000.00 |
STATE BANK OF
INDIA |
TARA CHAMBERS,
2ND FLOOR, NEAR MARIAAI POLICE CHOWKY, |
A77456770 |
|
9 |
10146538 |
15/02/2013 * |
1,755,700,000.00 |
UNION BANK OF
INDIA INDUSTRIAL FINANCE BRANCH |
619,SACHAPIR
STREET, PUNE CANTONMENT, CAMP, PUNE - 411001, |
B70314893 |
|
10 |
10146539 |
23/02/2009 |
760,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 691, SACHPIR STREET, |
A58278912 |
|
* Date of charge modification |
||||||
NOTE:
The registered office of the company has been shifted from
602, Kumar Purammukund Nagar, Pune – 411 037,
BUSINESS BACKGROUND:
Subject was incorporated on December 20, 1992. The Company procures milk
from Village Level Collection Centers (VLCC’s) and Chilling Centers located in
various regions in western and southern
COMPANY
PERFORMANCE:
The Company has
marked a total income of Rs. 6284.800 millions for the Financial Year 2010-2011
as against Rs. 4920.200 millions during the Financial Year 2009-2010, an
increase by ~27.73 % during the year. In an increasingly competitive
environment where the profit and profitability are greatly impacted by
commodity inflation, the Profit before tax (PBT) for the year is Rs. 119.200
millions as against Rs.126.900 millions during the previous Financial Year. The
lower profitability for the current year is due to gestation period of Palamner
plant commencement, wherein it started full-fledged operations during the
current year only. During the year the Company has made exceptional provision
for tax an amounting of Rs. 43.183 millions to avoid protracted litigation with
the Income Tax Department. Without exceptional provision for tax, the profit
after tax (PAT) would have been Rs. 74.831 millions. Earnings per share of the
Company for the Financial Year 2010-2011 is 1.95 per share.
REVIEW OF
OPERATION:
In 2010-2011 the
unprecedented inflationary pressures on the consumer food basket continued, as did
commodity inflation for the food industry. This resulted in higher cost of feed
and fodder, impacting cost of milk production. Coupled with this, due to higher
demand of feed in global market, they also witnessed large-scale export of
necessary crude proteins in form of de-oiled cakes. Since the Company procure
milk from dairy farmers, in order to compensate them for increased cost of
production.
Against this
adverse scenario and continued competitiveness that eroded the overall industry
profit pool, the Company continued to focus on its growth strategy, led by its
Brands and at the same time increased its productivity and restructured
operations to reduce operational costs. The Company focus on building new
capabilities and a robust pipeline of innovation resulted in several new
launches during FY 2010 - 2011.
The Company
addressed the cost challenge by significantly reducing cost through
consolidating operations, reducing complexity and eliminating wastages in the
value chain. The Company will continue and intensify the thrust on cost
effectiveness in the coming year as well.
DAIRY BUSINESS:
The dairy Industry
plays a vital role in the development of Agriculture sector. Milk is the only
agro-based commodity that offers immediate marketability and consistent revenue
to the farmers. Considering the demand for milk and milk products, there is
still a lot of scope for increasing the milk production in India by adopting
scientific methods of breeding and nutrition.
The Company is
well aware of the industrial scenario and being alert focuses mainly on long
term goals, steady and profitable development. Its strong brand coupled with
the varied products portfolio enables it to meet adverse conditions confidently
and overcome it. During the year, for expansion of business and to increase of
existing capacity and capability of production in South region the Company has
invested over Rs. 450 millions in plant and machinery for Palamner plant and
already started full fledged operation from the Palamner plant.
The Company is
planning to enhance the portfolio of the existing brands by bringing in more
product categories and sub-categories under GO brand mainly in Cheese products
in next financial year. Also, the Company is planning to establish its own
chilling centers to procure milk at village level for that the Company has
already established its own chilling center at Manchar and Palamner.
FIXED ASSETS:
Tangible Assets:
- Freehold Land
- Buildings
- Plant and Machinery
- Office Equipments
- Computers
- Furniture and Fittings
- Leasehold Building Improvements
- Vehicles
Intangible Assets:
- Trade Marks
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.04 |
|
|
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.